More than 4 million U.S. households that rely on heating oil could spend 50% more to heat their homes this winter as global oil supplies remain tight. The National Energy Assistance Directors Association now estimates the average heating-oil household will spend $2,627 this winter, up from $1,749 last year, an increase of about $878. The projection has worsened quickly, rising from an estimated 31% increase in early September to 50% today. Households in Vermont and Maine could see costs climb 77%, while families across the Northeast are expected to pay more than $1,000 extra on average. The increase comes as crude oil remains above $100 per barrel and limited shipping through the Strait of Hormuz continues to constrain supplies.
Why This Matters:
A jump from a projected 31% increase to 50% in just a few weeks shows how quickly an overseas energy disruption can reach household budgets. Families that depend on heating oil have little control over global fuel prices, and many could enter the coldest months of the year paying hundreds or even thousands of dollars more just to keep their homes warm. Even a warmer-than-normal winter may not provide much relief if oil supplies remain tight. Having solar generators available gives households a backup power source when fuel prices spike, winter demand strains the grid, or outages interrupt normal heating, lighting, and communication.
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Source: WESH 2
By: Damali Ramirez
